Singapore Exchange (SGX) opened firmer, tracking a mixed but broadly stabilising tone across Asian markets after the previous session’s global tech-led sell-off, even as concerns over artificial intelligence (AI) spending and semiconductor valuations continued to weigh on sentiment.
As at 9.08 am, the Straits Times Index (STI) edged up 0.08% to 5,210.00, reflecting a cautious but positive start. Market breadth was mildly supportive, with 126 gainers outpacing 71 decliners, suggesting selective accumulation in early trade.
Turnover stood at S$198.48M on volume of 96.70M shares, indicating steady participation despite lingering volatility from Wall Street’s overnight weakness.
Wall Street had ended sharply lower in the previous session, with the Nasdaq Composite sliding 2.21% and the Philadelphia Semiconductor Index plunging 7.9% as investors grew uneasy over heavy debt-funded AI infrastructure spending and stretched valuations in chipmakers. Nvidia, AMD and Micron were among the biggest drag factors, reinforcing a broader risk-off tone in global technology stocks.
However, Asian markets showed signs of stabilisation in early trade. South Korea’s KOSPI rebounded strongly, driven by semiconductor names such as Samsung Electronics and SK Hynix, while Japan’s Nikkei 225 remained cautious, reflecting uneven regional sentiment.
On SGX, heavyweight banks were largely mixed. DBS eased 0.06% to S$66.25, while UOB and OCBC Bank traded steady to firmer. Defensive and index-linked counters helped anchor the STI, offsetting weakness in select growth-sensitive names.
In the broader SGX ecosystem, derivatives activity remained active, with MSCI Singapore Index futures steady at 480.15, suggesting expectations of range-bound trading as investors continue to assess global tech volatility and potential shifts in US Federal Reserve policy stance.
